Pioneering the NFT-as-a-Subscription (NaaS) model on Terra
Gone are the days of spending countless hours saying GM on Discord servers vying for limited whitelist spots, or fighting with bots to mint NFTs when a new project drops.
Enter a whole new distribution model which rewards only the true OG users.
With TerraFloki, we’re introducing a whole new distribution model which rewards the true OG users.
Is this you?
Do you find yourself drowning on Discord trying to get whitelisted on an NFT project?
Or perhaps thinking in memes doesn’t come naturally to you so every competition ends up being a waste of time? Maybe your network isn’t wide enough and you are always the last to find out about a project after the whitelisting or OG roles have been given out?
If this is you, then boy, we do have just the thing for you.
Enter TerraFloki‘s unique NFT distribution model: NFT-as-a-Subscription (NaaS)
Is having a fair launch the only differentiating angle for this project?
Hell, no.
Other benefits of Floki NFTs include:
- Super cute Flokis dressed in medieval outfits (think knights, archers, wizards, etc). Think that medieval is just the theme of Genesis Collection. Much more Floki variations will come.
- Usability no 1: Guaranteed passive income from your NFTs (read: airdrops — more on this later).
- Usability no 2: Entertaining play-to-earn mechanics. Think that Flokis are differentiated into several different classes. Each class has its own characteristics and missions to complete. The result of each successful mission is to generate income (more details about game mechanics will be revealed soon).
- Super cute Flokis (Oh, was this mentioned already? Super cute and ANIMATED Flokis then).
Wen mint ser?
Ok, so now that you’ve read this far, it seems like you are interested in getting your paws on one (or all) of these cute TerraFlokis?
At the time of writing, the ticket farming event for the Genesis Collection (1000 Floki NFTs to be minted — 999 from tickets that will be farmed and one for a ticket from liquidity pool) will end on 7 November 2021.
Thereafter, we have 5 more generations of NFTs (1000 Floki NFTs each drop).
How to mint?
Minting can be done by using a TerraFloki NFT Ticket ($TFTIC) to exchange for 1 NFT at a 1:1 rate (i.e. you need 1 whole ticket to exchange for 1 NFT).
How do I get a ticket ($TFTIC)?
Well, there are 2 methods you can get your hands on the tickets today:
Method 1: Farming
Step 1: Head over to the ticket farming tab here.
Step 2: Connect your Terra Station wallet to the dApp by clicking on Connect Wallet on the top right of the dApp.
Step 3: Obtain some $TFLOKI using $UST. Note: $TFLOKI can only be purchased on TerraFloki DEX. Full instructions to purchase $TFLOKI may be found here.
Step 4: Head over to the Ticket Farm > Stake tab to stake your $TFLOKI tokens to farm tickets.
Indicate the amount of $TFLOKI tokens you would like to stake (1) and click Stake Tfloki (2). When a prompt shows up on your Terra Station Google Chrome extension/mobile app, sign the transaction that is sent from Terrafloki.io.
And you’re done!
Your earned tickets will begin to accumulate on this tab which you may then click Claim [Circled in Blue above] to claim your reward.
Do note that the protocol automatically claims your reward when you unstake your $TFLOKI tokens.
Method 2: Buying on Marketplace with $UST
Step 1: Head over to the Ticket marketplace here
Step 2:
(1) With your $UST in your wallet, select how much $UST you would like to use to purchase fractional tickets.
(2) Important note: Liquidity in the ticket pool is extremely thin. Slippage is very high as a result, resulting in potential losses as you will receive a lesser than expected amount compared to the rate quoted by the front end. If you are unsure of what you are doing, please turn on the max slippage settings and swap in small amounts.
(3) Once you are satisfied with the amount of tickets you will be purchasing based on the UST you have specified, click Swap. When a prompt shows up on your Terra Station Google Chrome extension/mobile app, sign the transaction that is sent from Terrafloki.io.
And you’re done!
New to Terra? Refer to the guide here on how you can get your hands on that sweet $UST to start you on your way.
If I want to earn a ticket, is it better for me to farm by staking $TFLOKI tokens or buy directly?
This really depends on two key factors — the price of a Ticket and how much time you have left to farm.
In general, the best practice is to farm the tickets so you won’t need to worry about slippage or driving the price up too high. However, if the time left to farm is too short, you might want to buy small amounts of the tickets over a period of time instead to ease the buying pressure.
The great thing about the TerraFloki’s NFT-as-a-Service model is that you can buy tickets over a period of time, taking advantage of periodic mispricings to accumulate cheap tickets.
Another advantage of farming is that you’re essentially accumulating $TFLOKI which is a capital asset, and this can be used repeatedly to farm more tickets in future drops.
The Distribution Model: NFT-as-a-Service
So how exactly does the team distribute the tickets to the farmers who stake their tickets?
Instead of having users vye for top slots based on how much time they spend on Discord, we have decided to allow for users to stake their tokens so that they can passively earn a ticket instead.
The basic premise is that we will be distributing the full allocation of 999 Floki NFTs within a determined amount of time (30 days).
On average, we will be distributing 33.3 tickets per day. In fact, the distribution occurs every second.
Assuming the token pool has 1,000,000 $TFLOKI tokens staked, these 33.3 tickets will be split amongst those who have staked their tokens, based on the amount of tokens split. In this example, each $TFLOKI will earn 0.0000333 $TFLOKI a day, so 1,000 staked $TFLOKI will earn 0.0333 tickets per day.
Do note that the above scenario is solely an example. The amount of $TFLOKI tokens staked may change, and hence one’s share in the staked token pool.
So that’s it! This is our solution for common pain points observed in the distribution of NFTs today.
Thank you kind warrior for joining us in this journey and for reading this guide. Keep in mind that over time we will extend NaaS model with new features and mechanics. Genesis Collection mint event is just a beginning of a beautiful journey ahead of us.
